港股市场回调，震荡窗口期或关注恒生科技ETF（513130）配置机遇

Core Viewpoint - The Hong Kong stock market has weakened due to various factors, but there is a counter-trend investment in the technology sector as it transitions from emotional valuation recovery to value creation, indicating potential for future profit growth [1][9]. Group 1: Market Dynamics - Recent adjustments in the Hong Kong stock market are influenced by the return of southbound funds due to new public offering regulations, the peak of IPO unlocks, and strong expectations of interest rate hikes by the Bank of Japan affecting overseas liquidity [1][9]. - Since November 2025, ETFs tracking the Hang Seng Tech Index have seen a total inflow of 27 billion yuan, with the Hang Seng Tech ETF (513130) alone attracting 4.7 billion yuan over 25 trading days, reflecting a significant increase in investor interest [10]. Group 2: Financial Performance - The Hang Seng Tech Index's latest price-to-earnings (P/E) ratio stands at 23.13, which is at a mid-low percentile of 34.20% over the past five years, suggesting that the index may offer attractive valuation compared to major tech indices in A-shares and US markets [12]. - Internet giants have reported a general recovery in revenue, with "AI + Cloud" businesses highlighted as key growth areas, indicating that AI strategies are beginning to contribute to revenue [10]. Group 3: Policy Support - The Central Economic Work Conference has prioritized "innovation-driven development" as a key task for the upcoming year, focusing on building international innovation centers and enhancing "AI +" and industrial upgrades, providing solid policy support for the tech sector [11]. Group 4: Future Outlook - With the anticipated easing of monetary policy by the Federal Reserve and improving overseas liquidity, combined with the stable performance of domestic tech leaders since Q3 2025, the Hong Kong tech sector is expected to enhance its medium to long-term investment value [13]. Group 5: Investment Tools - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading Hong Kong internet and tech companies across various sectors, making it a comprehensive and representative investment tool for the AI industry chain [15]. - The ETF offers advantages such as large scale, good liquidity, and support for T+0 trading, with a low management fee of 0.2% per year, making it an important tool for investors looking to access core tech assets in Hong Kong [16].